BVI Economic Substance Act

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O'Neal Webster-BVI Law- Road town on Tortola the capital of British Virgin islands

EU Upgrades BVI to Whitelist Status

BVI government welcomes whitelist status announcement. Blacklist expands to include 12 jurisdictions. On 18 February 2020, EU Finance Ministers updated the EU list of non-cooperative tax jurisdictions, upgrading the British Virgin Islands to whitelist status, which designates the country as a fully…

The Substantive Issue of Economic Substance: A BVI perspective

By Christopher Simpson, O’Neal Webster The issue of economic substance is not a new one. More and more, modern companies coupled with new technology and trading practices challenge the notion of “economic substance” for value creation in the traditional sense…

BVI ITA Releases Economic Substance Rules

The International Tax Authority (ITA) in the British Virgin Islands (BVI) has now released the Rules on Economic Substance (the Rules) which provides guidance on the interpretation of provisions under the Economic Substance (Companies and Limited Partnerships), 2018 (the Act). …
Evolving World Economy in BVI

Sailing Into the Headwinds of an Evolving World Economy

The world economy continues to grow, not only in complexity but in competitiveness. Although the British Virgin Islands is recognized as a significant contributor to global wealth, the country continues to face headwinds in the race to keep pace with evolving trends…

BVI Economic Substance Act Roll-Out

The BVI Economic Substance (Companies and Partnerships) Act, 2018 (the ESA) roll-out continues with a target date of October 1, 2019. At that time, various changes to the BVI’s Beneficial Ownership Secure Search System Act come into force. These amendments…
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